Pfeiffer University participates in the following Federal Financial Aid Loan Programs

Direct Subsidized Stafford Loan: the basic building block of most financial aid packages.  The interest rate and terms for the Direct Subsidized Loan is 4.5% (for Undergraduates).  Direct Subsidized Loans for Graduate Students and Direct Unsubsidized loans for all students is 6.8%.  Students must beat least part time (6 credit hours for Undergrad Students & 3 for Grad Students) to be eligible, and they must show financial need.  the borrower is not charged interest while still in school, nor during the grace and deferment periods.  Students are eligible to borrow as listed below.

Subsidized Dependent Student Total Independent & Dependent Students whose parents can't get PLUS Total
First Year (Undergrad) $3500 $5500 $9500
Second Year (Undergrad) $4500 $6500 $10500
Third Year & Beyond (Undergrad) $5500  $7500 $12500

Direct Unsubsidized Stafford Loan: Students must be at least part time (6 credits for Undergrad students & 3 credits for Grad students) - the interest rate is 6.8% for all Graduate Student (subsidized and unsubsidized) and Undergraduate Unsubsidized Stafford Loans.  The borrower is responsible for all interest on the loan including while in college and during all grace and deferment periods.  The lender is the U.S. Government and the loan will be paid back to the U.S. Government.  Students are elgiible to borrow as listed above.

Direct Parent Plus Loan:  This loan is a Parent Loan for Undergraduate Students and can be borrowed from the Department of Education through the Direct Loan Program with a fixed interest rate of 7.9% (for loans disbursed after July 1, 2006).  The borrower is responsible for paying all interest and repayment begins 60 days after then 2nd disbursement -or - the parent borrower may elect to delay repayment until six months after the student is not enrolled at least half-time (this option is only available to borrowers whose funds were first disbursed on or after July 1, 2008).  You must renew your credit decision each year, but unless an endorser is required on your loan, or your student changes schools, you will only need to fill out one Master Promissory Note at  Each academic year, you will be required to complete a Plus Request Form which is located here.  Just fill this form out and return it to your financial aid representative indicating how much you would like to borrow for the next academic year.  To be eligible for a Direct Plus Loan for Parents (taken from
  1. The parent borrower must be the student's biological or adoptive parent.  In some cases, the student's stepparent may be eligible.
  2. The student must be a dependent student who is enrolled at least half-time (6 credit hours) at a school that participates in the Direct Loan Program.  Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
  3. The parent borrower must not have an adverse credit history (a credit check will be done).  If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan.  The endorser promises to repay the loan if the parent fails to do so.  The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
  4. The student and parent must be U.S. citizens or eligible non-citizens, must not be in default on any federal education loans or owe an overpayment or a federal education grant, and must meet other general eligibility requirements for the federal student aid programs.  
Perkins Loan:  Federal loan made through participating schools to undergraduate degree-seeking students.  Offered to students who demonstrate financial need and are enrolled Full Time (at least 12 credit hours).  Repayment is made to Pfeiffer and the interest rate is fixed at 5%.  Funds available depend on the students financial need and the availability of funds at the college -  the annual award limit is up to $3000.

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